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Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of
Martha Wheaton, Bess Chen, and Sam Smith were partners in an urban Calgary tea shop called Wake and showed the following account balances as of December 31, 2020: Account balances December 31, 2020 32 Accum. Deprec. Martha Cash Building Building Land $204,000 $864,000 $500,000 $228,000 Accounts Wheaton, Payable Capital $148,000 $356,000 Bess Chen, Smit Capital Capit $(72,000) $364, Sar Due to difficulties, the partners decided to liquidate the partnership. The land and building were sold for $739,000 on January 1, 2021. The partners share any profit (loss) in the ratio of 2:1:1 for Wheaton, Chen, and Smith, respectively. Required: Complete the schedule. Prepare the entry to distribute the remaining cash to the partners assuming any deficiencies are paid by the partners. (Negative answers should be indicated by a minus sign.) Cash Building Accum. Deprec. Building Accounts Land Payable Martha Wheaton, Capital Bess Sam Chen, Smit Capital Capit
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